Residential Construction Spending Up in July

The Associated Press
September 6, 2016
Markets

Construction spending was flat in July but declines in May and June were revised to show slight gains, the Commerce Department reported Sept. 1. Spending in June is now reported up 0.9 percent while May showed an increase of 0.1 percent.

Residential construction, which had fallen for three straight months, rebounded 0.3 percent in July on the strength of increased spending on home remodeling projects. Spending on single-family home construction was down 0.2 percent while spending on apartment construction dropped 0.6 percent. Total home construction was up 1.9 percent from a year ago.